The Spaniard has spearheaded the series that begins its fifth season in Saudi Arabia this weekend, but will now move up into the role of chairman, replacing the outgoing Simon Freer. Agag will remain as CEO until a replacement is found in the coming months.

A statement from Formula E reads says the move "will allow the company to bolster the management team with a new CEO, who’ll be appointed in the coming months. Agag will continue to serve as CEO until the new person joins Formula E.

"With the support of the new CEO, Agag - acting as Chairman - will be able to focus on relationships with commercial partners, host cities and the FIA."

"It’s time to open a new phase in the world’s fastest-growing motorsport. I’m really proud of the job we’ve done, together with the FIA, our management team, shareholders, partners and teams," Agag said.

"Formula E is in the best moment of its short history. As Chairman, I’ll be better placed to help the new CEO and our strong management team to continue growing the sport that I believe is the future of motor racing."

"Under Alejandro’s leadership as CEO, the series has established itself as a leading global motorsport and is set to continue its impressive performance and trajectory going forward," said Freer.

"We look forward to continue working with both Alejandro as Chairman and the new CEO to bring Formula E to the next level."